Loan amount
$0
Loan type
Purchase
{Rent&Hold}
As-Is Property Value
$180,000
{PP:$0}
LTV
0%
{LTV}
Property type
Other Commercial
Borrower Details
Credit score
720
Deal experience
4 deals
This loan scenario was submitted by a Broker
No
Property Details
State
South Carolina
Loan Details
Down payment
$0
Additional Loan Information
The church building is for sale and has been so since February 2020.
I have a contract to purchase for $85,000 and I need to borrow $50,000.
Currently, the sanctuary is being leased to a small, non-denominational group for Sunday worship services. The lease is month-to-month at $650 per month and I anticipate continuing the lease for the near term. In addition to these tenants, I will lease the sanctuary for use as a wedding chapel to a local wedding planner. We will also use the sanctuary as a local convocation hall for community events, concerts, and other beneficial public uses.
The rear of the church building is a two-story structure that formerly housed church offices and the Sunday School. The first floor has a kitchen, open assembly area, four offices and restrooms. My plan is to lease this space for use as a café/coffee shop currently operated by a local lady at another, smaller location about two miles from the church building. The upstairs has five offices, an open assembly area and a restroom. I plan to lease these spaces to local artisans (painters, potters, quilters and the like) although the space could as well be used for small business offices. There is no other comparable space for artisans or small businesses as contemplated for this space anywhere in Pelzer or the surrounding area. This repurposed building will be totally unique to the area, while at the same time preserving the historic character of the church building which is located in the very heart of Pelzer.
I anticipate that the church building will generate lease income of $3000 per month.
I have a contract to purchase for $85,000 and I need to borrow $50,000.
Currently, the sanctuary is being leased to a small, non-denominational group for Sunday worship services. The lease is month-to-month at $650 per month and I anticipate continuing the lease for the near term. In addition to these tenants, I will lease the sanctuary for use as a wedding chapel to a local wedding planner. We will also use the sanctuary as a local convocation hall for community events, concerts, and other beneficial public uses.
The rear of the church building is a two-story structure that formerly housed church offices and the Sunday School. The first floor has a kitchen, open assembly area, four offices and restrooms. My plan is to lease this space for use as a café/coffee shop currently operated by a local lady at another, smaller location about two miles from the church building. The upstairs has five offices, an open assembly area and a restroom. I plan to lease these spaces to local artisans (painters, potters, quilters and the like) although the space could as well be used for small business offices. There is no other comparable space for artisans or small businesses as contemplated for this space anywhere in Pelzer or the surrounding area. This repurposed building will be totally unique to the area, while at the same time preserving the historic character of the church building which is located in the very heart of Pelzer.
I anticipate that the church building will generate lease income of $3000 per month.
Status
Closed
Created
December 10, 2020 - 6:13pm
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